Group 1 Automotive files $300 million debt, preferred, stock, warrants shelf

New York, Dec. 21 - Group 1 Automotive, Inc. filed a shelf registration for up to $300 million of securities with the Securities and Exchange Commission. The shelf includes $278.818 million of debt securities, preferred stock, common stock and warrants to be sold in a primary offering and 700,000 shares to be sold in a secondary offering. Securities in the primary offering may be structured as convertibles.

The Houston, Texas auto retailer said it would use proceeds from the primary offering for general corporate purposes, possibly including repaying debt, working capital, capital expenditures and potential future acquisitions. Group 1 will not receive any proceeds from the secondary stock offering, which is being sold by Robert E. Howard II, a Group I director and president of the Howard Group.

For the nine months to Sept. 30, 2001, Group 1 had an earnings to fixed charge ratio of 2.38:1 compared to 1.98:1 for all of 2000.

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